What a busy week!
If you did not get an invite to the members-only Discord for SAIA Dao then speak up in the IA Dao-Discussion channel and someone will get you validated. New members will get invited when their proposals clear.
First the AUM numbers. Snapshot from hotwallet address (SAIA.sol) Sept 13 7:40 AM EST.
The value of NFTs based on the average of the last 50 sales is $141,229. We currently have 306,150 shares + 68782 loot = 374932 total for a price per issuance of $0.484715548.
Last week the value was $0.80; the drop is due to about $100k loss in the market price of our assets. We did managed to secure over $46,000 in contributions from 15 new members, whose proposals are in process.
Our main challenge right now is determining how to value new member contributions. When we were raising for the Rebirth sale it was easy, one dollar equaled one LOOT, and you got a certain number of voting shares over time. This started at 10x for week 1. What we failed to account for, however, was that once we purchased the T3 poster sets the actual value of the dao was no longer pegged to the dollar. So there were a few members that got in earlier this month and were up considerably - on paper, at least - as soon as they joined. This was my mistake. One late member proposal – at 2:1 – was voted down by the community, but another for 1:1 has passed the cooldown and is waiting to be processed.
Developing an issuance model that preserves OG voting shares and allows us to ramp up contributions is tricky, but I believe that we’ve developed a plan that is fair and will last us for the next several weeks. I’ve spent the last few days in spreadsheet hell trying to map out some projections and make sure that we have a plan in place to take us to the next phase. Rebirth numbers are given for transparency.
The rate for GAO Week 2 will be 500 LOOT 100 SHARES per 1000 USDC
This rate will go into effect Wed. September 15 at noon EST, that gives everyone twenty four hours to get in at the current rate of 800/200. Max contributions are 10,000, anyone wishing to contribute more, (or less than 1000) will be dealt with on a case by case basis. DM or ping a member in Discord.
Furthermore, here is a chart showing the average entry price and current value since launch, grouped by week. Please note that price estmates for GAO3-6 assumes no change in NFT TVL, as well as modest week over week cash income between 15,000 and 35,000 USDC. (We’ve had $46,000 the last ten days.)
Per usual these rates are subject to change based on feedback from members and applicants.
We’ve secured the above web domain for our SA-NFT Serum fork and have several bugs in the proof of concept that need to be worked out. No ETA on release. If we can be first to market it should be a big win. Message me if you are good with software development, mainly Solana, Serum, React, CI/CD, AWS.
So far the dao has purchased:
- 20 x OJJ
- 11 x PX5
- 2 x CCH
- 1 x CALG
The CAPN and PILOT licenses have also been sold, given that they will drop with ship sales.
ATLAS/POLIS purchases are ahead of schedule, the Raydium skin drop was an opportunity that everyone felt we should take advantage of, so both pools are being farmed. No additional ATLAS/POLIS will be purchased until the week of Sept. 26.
Trades and order activity will be posted posted in the Discord dao-trades channel moving forward, and I will attempt to keep a running log for TVL/profit calculations.
A note about possible purchases: since the GAO schedule isn’t known, we can’t really make any proposals. It would be nice to secure a commander ship, but that would require raising an additional $40k or so, since a majority of cash on hand is being earmarked for ATLAS/POLIS pools. Further discussion in Discord.
As far as plans go past week six, we will have to wait and see. I have been in contact with several VCs, including one of the Rebirth pre-sale SAFT participants, who are ready to work with us and bring in additional funds. I’ve also got a call with a capital investment firm to go over the above and to get feedback on what we’ve done so far. We’re looking at a possible million dollar raise, and the question is whether SAIADao will be able to absorb that amount of capital, or whether a separate entity will need to be developed from scratch.
We’ve started testing dao software on Solana, and will provide updates on that as we have them. I’m not sure if it will be available before the end of the year, hopefully it will make distribution of dao-related tokens easier to manage.
Multisig validation has taken a bit of a backseat, but the plan is to move Rebirth uniques to the 3-of-5 as soon as we make sure we can get assets back out. We’ve already validated the 2-of-3 and will assess what assets we need to keep there.
Otherwise, thanks to everyone who’s been helping out. Things are moving really fast and I appreciate the support. I look forward to your feedback and hope to have more good news for you next week.
Long live the IA!
Blockchain Man | SAIADao Launch Control